#1Investor Presentation 2022-2023 TINC#22 Disclaimer This presentation does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of TINC nor should it or any part of it form the basis of or be relied on in connection with any contact or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of TINC. An investment in shares contains certain risks and uncertainties. Potential investors should be able to bear the economic risk of an investment in shares and a complete or partial loss of their investment. Certain information in this presentation may constitute forward looking information. Forward looking information is provided for illustrative purposes only and is not intended to serve as, and must not be relied upon by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. This presentation is far from complete. Please consult the website. (www.tincinvest.com) for further information on TINC and its portfolio. TINC Investor Presentation 2022-2023#311 CREATING SUSTAINABLE VALUE BY INVESTING IN THE INFRASTRUCTURE FOR THE WORLD OF TOMORROW TINC#4About TINC 4 TINC Investor Presentation 2022-2023 000 ㅁㅁㅁ INVESTMENT COMPANY 0000 + LISTED ON EURONEXT BRUSSELS 28 PORTFOLIO COMPANIES PORTFOLIO FAIR VALUE OF CIRCA €580 MILLION (including commitments) ACTIVE IN BELGIUM, THE NETHERLANDS, FRANCE AND IRELAND#5TINC is inspired by significant societal trends Low-carbon world Digitisation Building Back Better Care and wellbeing 5 TINC Investor Presentation 2022-2023#6TINC invests in four segments Public Infrastructure P Energy Infrastructure Digital Selective E Infrastructure D Real Estate TINC 6 TINC Investor Presentation 2022-2023#7Key figures 2022-2023 (18 months) Fair value per segment 98 * 8,10% weighted average discount rate 91 Total € 468* million Public Infrastructure Portfolio growth (FV) (in millions of €) 124 154 21% 19% % of total 27% Energy Infrastructure Digital Infrastructure Selective Real Estate 500 468 450 415 400 397 350 340 300 267 250 200 150 100 50 0 30 June 2019 30 June 2020 30 June 2021 30 June 2022 31 December 2023* *over a financial year of 18 months 7 TINC Investor Presentation 2022-2023 33% Key figures PORTFOLIO RESULT 62 (in million €) Fair value per country 6% 5% % of total 32% 57% Belgium The Netherlands France Ireland EFFECTIVE INVESTMENTS 117 (in million €) CASH RECEIVED 126 (in million €) NEW INVESTMENT COMMITMENTS 172 (in million €)#8Key figures 2022-2023 (18 months) Balance sheet Period ending: Balance sheet (thousands of €) Fair value (FV) of the portfolio companies Deferred tax Cash 30 June 2022 31 December 2023 12 months 18 months Other Net asset value (NAV) Net asset value per share (€)* Debt Available funding • 415,437 468,356.7 Cash of €27.4 million 410 119.2 • Bank credit lines of €150 million 48,436 27,364.6 • (658) (1,244.6) Sustainable Finance Framework that allows to issue different types of sustainable debt instruments. 463,624 494,595.9 12.75 13.60 * Based on the total number of shares in issue as at 31/12/2023 (36,363,637) and 30/06/2022 (36,363,637) Outstanding contractual investment commitments Total (in m€) 112.2 2024 53.5 2025 14.0 2026 44.7 2027 0 Total Public Infrastructure Energy Infrastructure Digital Infrastructure Selective Real Estate (in m€) 112.2 35.7 23.6 9.9 43.0 8 TINC Investor Presentation 2022-2023#9TINC share NAV per share / Price per share Growth of distribution per share (in euro cents) 4.94% 5.22% -0.71% 3.22% -13.60% 67.31% 92.76% 60.86% 78.63% 60.00% 14.0 2.0 1.8 13.5 1.6 13.0 1.4 1.40 1.2 12.5 1.0 0.85 12.0 0.8 0.74 0.69 11.5 0.6 0.55 0.84 0.4 11.0 -0.50 0.5-1 .0.52. 0.54 0.2 10.5 0.0 30 June 2019 30 June 2020 30 June 2021 30 June 2022 31 December 2023* 30 June 2019 30 June 2020 30 June 2021 30 June 2022 31 December 2023* NAV per share Price per share Discount (share price vs. NAV) Distribution per share Net profit per share Payout ratio *over a period of 18 months EQUITY NAV 495 (in million €) € 13.60 /share NET RESULT 51 (in million €) € 1.40 /share 9 TINC Investor Presentation 2022-2023 Distribution to shareholders Distribution of in total € 30.5 million or € 0,84 per share Pay-out ratio of 60% Expected be paid in May 2024,#10Investment portfolio 14 23 28 12 15 26 22 Participations With a fair value of 28 10 TINC Investor Presentation 2022-2023 468 (in millions of €) Π 10 4 25 21 Public Infrastructure A15 Maasvlakte-Vaanplein 33% 1- 2- Brabol 3- L'Hourgnette 4- Princess Beatrix Lock 5- Social Housing PPP Ireland 16- Via A11 7- Via R4 Cent 8- Higher Education Buildings Energy Infrastructure 27% 9 Berlare Wind 10- Kreekraksluis 24 11- Kroningswind 12- Lowtide/Hightide 13- Nobelwind 14- Northwind 15- Solar Finance 16- Storm Ireland 17- Storm 18- Sunroof 19. Zelfstroom 19 Digital Infrastructure 20 Datacenter United 21- GlasDraad 22- NGE Fibre Selective Real Estate 23- De Haan Vakantiehuizen 24- Eemplein 25- Garagepark 26- Réseau Abilis 27- Yally 21% 19% 28- Obelisc#11Sustainability in the investment portfolio Analysing SDG impact Integrating sustainability into the investment proces $ Framework for sustainable finance available Creating sustainability awareness among our portfolio companies 11 TINC Investor Presentation 2022-2023 Participations in the investment portfolio contribute to fulfilling the United Nations Sustainable Development Goals.* 15NLAND 14 BELOW WATER 13 CLIMATE ACTION 12 P CONSUMPTION ANDPRODUCT 16 PLACE JUSTICE AND STRING INSTITUTIONS PARTNERSHIPS FOR THE GOALS SESTAINABLE RES * www.undg.org/sustainable-development-goals 1 POVERTY 2 REDUCEED 10MEDIALITIES O HUSTRY MONATION STRICTLE DECENT WORK AND ECONOMIC GROWTH M GOOD HEALTH NWELLING W AFFRON BAND GLEANENERGY GALITY EDICATION DENDER EQUALITY * AND SANITATION#12Sustainability in the investment portfolio storm Datacenter United Abilis GlasDraad Via A11.. Storm is a Belgian developer and operator of renewable energy projects and has the ambition to continue to accelerate the energy transition in Belgium. Storm thereby calculates the CO2 emissions of its development activity (construction phase and operation phase) and defines CO2 targets accordingly. It also considers biodiversity protection, impact on stakeholders and employee wellbeing. Datacenter United builds and manages data centres to provide its clients with quality (up to Tier IV !), efficient, secure and flexible data management and storage solutions. In doing so, the company subscribes to various initiatives to achieve the highest possible degree of sustainability. ecouadis ISO TSME 3402 14501 Réseau Abilis offers a qualitative and inclusive response to very specific long-term care needs with the ambition of integrating persons with a wide spectrum of mental disabilities into the local community, allowing them to maintain links with family and relatives and ensuring quality care. In doing so, Réseau Abilis adopts a Green Policy that is committed to reducing energy consumption, green mobility and a sustainable water and waste policy. Glas Draad is helping to accelerate the digitalisation of society by providing families and businesses in outlying areas and small towns with access to a superfast and reliable internet connection through the construction of fibre networks in a sustainable manner. By 2023, Glas Draad was working on a comprehensive ESG policy by preparing a materiality analysis, subscribing to the UN Global Compact Principles, introducing policies including on health and safety, environmental management, whistleblowing, anti-money laundering and launching a GRESB Infrastructure Asset assesment. The A11 is a new highway connection that will facilitate better access to the port of Zeebrugge and the east coast while enhancing the region's quality of life and living conditions. The entire project combines relieving the regional roads of heavy freight and tourist traffic with additional cycling facilities, the reduction of noise and light pollution and the construction of buffer green areas, fauna passages and a reed swamp (https://www. brugge.be/brochure-al 1). 12 TINC Investor Presentation 2022-2023#13Why invest in TINC? TINC Obtain access to a capital-intensive asset class Portfolio diversification over 4 key investment segments with typically a business model offering long-term visibility on both revenue and cost va Prudent financial management and use of leverage Track record of disciplined portfolio growth (4 times since the IPO) Investment policy is a combination of long-term hold and active portfolio management with focus on growth Steady and consistent shareholder value creation since the IPO (combination of growing shareholder distribution + NAV growth) Substantial growth perspectives at attractive returns related to essential societal and environmental transitions 13 TINC Investor Presentation 2022-2023#14P Public Infrastructure#15Public Infrastructure Key figures Share of the total investment portfolio (FV) Number of participations 67% Public Infrastructure Other TINC 15 TINC Investor Presentation 2022-2023. 33% 8 Fair value (FV) Weighted average discount rate 154 (in millions of €) 7%#16Public Infrastructure Participations Ireland Higher Education Buildings University buildings Social Housing PPP Ireland Social Housing: Dublin 16 TINC Investor Presentation 2022-2023. The Netherlands Princess Beatrix Lock Lock: Lek Canal near Utrecht A15 Maasvlakte-Vaanplein Motorway: Rotterdam South ring road Belgium VIA R4 GHENT Motorway: southern Ghent ring road VIA ATT Motorway: past Zeebrugge Project Brabo | Tram line: Antwerp L'Hourgnette Prison: Marche-en-Famenne#17Public Infrastructure Higher Education Buildings New Higher Education Buildings is a public-private partnership for the construction, financing and long-term maintenance of new university buildings at six locations in Ireland. With a total budget of €250 million, this project will deliver roughly 38,000m² of new space on campuses to accommodate 5,000 additional students. These new buildings are geared towards practice-oriented learning, providing laboratories and practical learning spaces. Their flexible design caters to changing teaching needs, hybrid forms of education, and remote learning. The project is realised in consortium with Irish contra Irish construction group JJ Rhatigan & Company and Sodexo, with the latter taking care of maintenance and facilities services. The project is financed by a consortium of banks made up of Allied Irish Bank, Bank of Ireland, Nord/LB, Korea Development Bank and Norinchukin Bank. Construction work on this 25-year project is currently ongoing and the buildings are scheduled to become available during 2025. Stake GOOD HEALTH AND WELL-BEING 17 TINC Investor Presentation 2022-2023 100% QUALITY 4 EDUCATION DECENT WORK AND 8 ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE REDUCED 10 INEQUALITIES SUSTAINABLE CITIES 11 AND COMMUNITIES A PARTNERSHIPS FOR THE GOALS#18Public Infrastructure Participations A15 Brabo I Winegen Vlieg met ons noordeel Condor A15 Maasvlakte-Vaanplein is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of roadworks to improve traffic flows and road safety on a 37-kilometre stretch of the A15 motorway south of Rotterdam that runs to and from the port. The project is a PPP based on an availability contract with a total construction cost of approximately €1.5 billion. The public party in the partnership is Rijkswaterstaat, the Dutch executive agency for Infrastructure and Water Management. Construction was carried out by a consortium of construction companies that included Ballast Nedam, Strukton, and Strabag. The infrastructure was completed and taken into operation in 2016. The 20-year maintenance period runs until 2036. Brabo 1 is a public-private partnership for the construction, financing, and long-term maintenance of light rail infrastructure in the eastern part of Antwerp (extensions to Wijnegem and Mortsel/ Boechout) and a maintenance depot in Wijnegem. The project provides a fast light rail link between Antwerp city centre and the more remote municipalities around the city. It enables e.g. a fast connection between the shopping centre in Wijnegem and Antwerp city centre. With a total construction cost of around €125 million, the project was developed by a consortium of construction companies that included Besix, Frateur-De-Pourcq, and Willemen and has been operational since 2012. A fee will be paid to the project over a period of 30 years for providing the infrastructure to the De Lijn public transport operator and Flanders' Roads and Traffic Agency. Stake 24% 18 TINC Investor Presentation 2022-2023 INDUSTRY WITH SUSTAINABLE CUIE PARTNERSHIPS EMINEMTH Stake AND FRACTALICE M 52% DECENT WORK AND CNC GROMTH NOUSTRY NOTION SUSTAINABLECIDES CUNATE 13 PARTNERSHIPS THE SALS A AB#1919 Public Infrastructure Participations L'Hourgnette 303 Princess Beatrix Lock L'Hourgnette is a public-private partnership for the construction, financing, and long-term maintenance of a detention centre for 300 detainees in the Belgian town of Marche-en-Famenne. L'Hourgnette is responsible for providing the infrastructure and various support services, for which it receives an availability fee from the Belgian Federal Government Property Agency. L'Hourgnette has engaged a consortium of contractors that includes Eiffage and Sodexo to operate the infrastructure and provide the support services. The project with a total construction cost of around €65 million has been operational since 2013 and will run for 25 years (until 2038). The Princess Beatrix Lock is a public-private partnership for the construction, financing, and long- term maintenance of the Netherlands' largest inland navigation lock. Located in the Lek Canal, the most important waterway connection between the ports of Rotterdam and Amsterdam, the lock is used by around 50,000 vessels per year. The project is a PPP based on an availability contract with a total nominal value of approximately €178 million. The public party in the partnership is Rijkswaterstaat, the Dutch executive agency for Infrastructure and Water Management. Construction was handled by a consortium of construction companies that includes Besix, Jan De Nul, Heijmans Infra, and Martens & Van Oord Aannemingsbedrijf. The infrastructure was completed and taken into operation in 2016. The 30-year maintenance period runs until 2046. Stake 81% TINC Investor Presentation 2022-2023 GOOD HEALTH DECENT WORK AND WUSTRYNO SLATINA ABEDINGS PARTNERSHIPS CENONE GRENITH Stake WM AB 40.63% DECENT WORK AST ONOMICEROMATH HOLSTRY HEA ANDINFRASTRUCTOR SUSIBLES PARTNERSHIPS FOR THE GOALS A#20Public Infrastructure Participations Higher Education Buildings Social Housing Ireland Higher Education Buildings is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of new university buildings at six locations in Ireland. With a total budget of €250 million, this project will deliver roughly 38,000m² of new space on campuses to accommodate 5,000 additional students. The project is realised in consortium with Irish contractor JJ Rhatigan & Company and Sodexo, with the latter taking care of maintenance and facilities services. Construction work on this 25-year project is currently ongoing and the buildings are scheduled to become available during 2025. Social Housing Ireland is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of the first lot of a total of 1,500 additional social housing units around Dublin. Building work was completed in 2021. The public-private partnership with the Department of Housing and Dublin City Council includes 534 residential units at six locations in the Dublin area, on Ireland's east coast. The project has a construction cost of approximately €120 million, and a fee will be paid for the provision of the residential units over the 25-year contract term (up to 2046). Stake 100% 20 TINC Investor Presentation 2022-2023 GOCOHEALTH DECENT WORK AND INDUSTRY INNOWAD 4 ESTRATION NCGROWTH 10EATES 11PMENTS PARTNERSHIPS Stake ABE 100% 1 CHEALTH DECENT MORKAM INDUSTRY WICH SUSTAINABLEDIDE AND WELL-BEING CINEMIC GROWTH NTCOMMUNITIES PARTNERSHIPS#21Public Infrastructure Participations Via A11 Via R4 Gent Via All is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of a 12-kilometre motorway link to connect the port of Zeebrugge with inland areas. This road was opened in early September 2017. The construction cost of the project was approximately €630 million. Via A11 NV is responsible for providing the infrastructure, for which it relies on a consortium of contractors that includes Jan De Nul, Aswebo, Franki Construct, Aclagro, and Algemene Aannemingen Van Laere. The project has a term of 30 years (up to 2047). Via R4 Ghent is a public-private partnership for the construction, financing and long-term maintenance (DBFM) of the R4 ring road around Ghent. The construction cost of the project was approximately €70 million and the redeveloped ring road was opened in 2012. The public party in this partnership is Flanders' Roads and Traffic Agency. Via R4 Gent NV is responsible for providing the infrastructure, for which it relies on a consortium of contractors that includes Antwerpse Bouwwerken (Eiffage), Besix, and Stadsbader. The project has a term of 30 years (up to 2044). Stake 39.06% 21 TINC Investor Presentation 2022-2023 DECENT MORK AND HOUSTRY HEAD 17 FARTNERSHIPS NEMIC GROWTH ANDINFRASTRUCTURE FOR THE GOALS Stake 74.99% DECIENT WORK AND ANDRASLEE INDUSTRY IANIWION STABELECIDES A 17 PARTNERSHIPS#22Public Infrastructure Financial key figures for the segment Weighted average debt ratio 74.7% 30 June 2022: 75.4% Weighted average remaining maturity of debt¹ 20.9 (in years) 30 juni 2022: 21 1 Fully amortising over the useful life of the infrastructure with a fixed interest rate Weighted average remaining contract life 21.9 (in years) 30 juni 2022: 22 Basic valuation assumptions Inflation 3% Weighted average discount rate 2% 7% 2024 financial year after that Long-term cash flows - Public Infrastructure Indicative annual cash flows to TINC (in millions of €) as at 31/12/2023 22 22 Valuation sensitivity analysis Inflation -/+ 0.5% Discount rate +/- 0.5% (7,540) (2,693) 154,494 2;,727 9,093 145 150 155 160 165 Fair value in '000 € 35 30 25 20 15 10 5 0 Dec Dec Dec Dec Dec 2024 '25 '26 '27 '28 Dec '29 Dec Dec Dec Dec Dec Dec '30 '31 '32 '33 '34 '35 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 TINC Investor Presentation 2022-2023#23E Energy Infrastructure#24Energy Infrastructure Key figures 24 24 Share of the total investment portfolio (FV) Number of participations 73% Energy Infrastructure Other TINC TINC Investor Presentation 2022-2023 27% 11 Fair value (FV) Weighted average discount rate 124 8.9% (in millions of €)#25Energy Infrastructure Participations 25 25 Ireland Zelfstroom 15 MW The Netherlands Kroningswind 80 MW Storm Ireland 11 MW Kreekraksluis 40 MW Northwind Nobelwind 216 MW 165 MW TINC Investor Presentation 2022-2023. Belgium Sunroof 12 MW Solar Finance 19 MW Berlare Wind 9 MW Storm Lowtide 7 MW 185 MW Windfarm Solar farm#26Energy Infrastructure Participations Kroningswind Zelfstroom Kroningswind is an onshore windfarm on the island of Goeree-Overflakkee in South Holland, located on farmland between the towns of Stellendam and Middelharnis. The windfarm consists of 19 Vestas turbines with a total capacity of approximately 80MW. Ik maak zelf stroom Zelfstroom is the Netherlands' largest provider of rental solar panels to private property owners. Using a hire purchase concept similar to leasing, Zelfstroom aims to promote the roll-out of solar power systems to accelerate the energy transition and boost energy independence. The Zelfstroom concept taps into strong demand from households for locally generated power with stable prices. The company does not rely on subsidies or support mechanisms. Since 2014, Zelfstroom has installed solar power systems for approximately 25,000 homeowners and SMEs under its hire purchase model, enabling its customers to make their homes and businesses more sustainable. Stake 100% 26 TINC Investor Presentation 2022-2023. DECENT WORK AND 13 BINNE ANIMERASTRACTOR Stake 90% DECENTE WORK AND COMINIC GRENTH WELSTRY MONATION#27Energy Infrastructure Participations Berlare Wind Kreekraksluis Berlare Wind is an onshore windfarm in the municipality of Berlare in Belgium. The windfarm consists of four Enercon E-82 2.3MW wind turbines with a total output of 9.5MW. Kreekraksluis windfarm is an onshore windfarm on and near the Kreekraksluizen locks in the Scheldt-Rhine Canal in the municipality of Reimerswaal in the Dutch province of Zeeland. The windfarm consists of 16 Nordex turbines with a total capacity of approximately 40MW. Stake 49% 27 TINC Investor Presentation 2022-2023 RECENT WORK AND NMCEREMTH ANIMASTRUCTURE 13 CINE Stake 43.65% DECENT WORK AND WELSTRY MONATION COMINIC GRENITH MONASTRATE#28Energy Infrastructure Participations Lowtide Nobelwind Lowtide includes 23 solar power plants in Flanders with a total generation capacity of 6.7MWp. The power is mostly used by local industrial customers. Nobelwind is an offshore windfarm located 46km off the Belgian coast. The windfarm consists of 50 MHI Vestas wind turbines with a total capacity of 165MW. Stake 99.99% 28 TINC Investor Presentation 2022-2023 DECENT WORK AND NMICEROMTH 13 BINNE Stake ANIMERASTRACTOR NA DECENTE WORK AND WELSTRY MONATION COMINIC GRENTH#2929 Energy Infrastructure Participations Northwind Solar Finance Northwind is an offshore windfarm located 37 km off the Belgian coast. The windfarm consists of 72 V112 3MW wind turbines with a total output of 216MW. Solar Finance NV consists of 48 solar power plants in Flanders with a total generation capacity of 18.9MWp. The power is mostly used by local industrial customers. Stake NA TINC Investor Presentation 2022-2023 DECENT WORK AND NMCEREMTH ANIMASTRUCTURE 13 CINE Stake 87.43% DECENT WORK AND WELSTRY MONATION COMINIC GRENTH#30Energy Infrastructure Participations Storm Ireland Storm Storm Ireland is an onshore windfarm in County Offaly, Ireland. The windfarm consists of 4 turbines with a total capacity of approximately 11MW. Storm is a portfolio of onshore windfarms in Belgium. The portfolio consists of 56 turbines with a total capacity of approximately 185MW. Stake 95.6% 30 TINC Investor Presentation 2022-2023 10초 DECENT WORK AND NEMICEROMTH 13 B Stake from 39.47 till 45% DECENT WORK AND COMINIC GRENTH WELSTRY MONATION#3131 Energy Infrastructure Participations Sunroof Sunroof consists of 19 solar power plants across Flanders with a total generation capacity of 11.7MW. A substantial part of the power is used locally, while the remainder is fed into the grid. Stake 50% TINC Investor Presentation 2022-2023 RECENT WORK AND NMCEREMTH ANIMASTRUCTURE 13 CINE#3232 Energy Infrastructure Financial key figures for the segment Weighted average debt ratio (not including offshore) 51.8% 30 June 2022: 43.4% Weighted average remaining maturity of debt¹ 13.2 (in years) 30 June 2022: 13 1 Fully amortising over the useful life of the infrastructure with a fixed interest rate Basic valuation assumptions Inflation 3% 2024 financial year Weighted average discount rate 2% 8.90% after that Long-term cash flows - Energy Infrastructure Indicative annual cash flows to TINC (in millions of €) as at 31/12/2023 18 Valuation sensitivity analysis 124,355 Energy production -/+ 5% ▶ (12,767) 1:3,352 Energy prices -/+ 10% ▶ (14,290) 15,565: Inflation -/+ 0.5% ‣ (2,149) 2;622 Discount rate +/- 0.5% (3,362) 3,586 105 115 125 135 145 155 Fair value in '000 € Energy production The P50 probability scenario corresponds to estimated generation depending on future irradiation or wind speed values that has a 50% probability of actually being realised. Energy prices Assumptions based on future market prices and projections from independent advisors. 15 12 9 6 3 0 Dec 2024 Dec Dec Dec Dec '25 '26 '27 '28 Dec Dec '29 '30 Dec Dec Dec Dec '31 '32 '33 '34 Dec Dec 36 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 TINC Investor Presentation 2022-2023#33D Infrastructure Digital 2385 1117 1245 THE WHEE **** **** 1111 1111 1111 REAL 1334 **** **** www **** **** www I ** www wwww **** HI ****#34Digital Infrastructure Key figures 21% Share of the total investment portfolio (FV) Number of participations TINC Digital Infrastructure Other 34 TINC Investor Presentation 2022-2023 79% Fair value (FV) Weighted average discount rate 3 98 (in millions of €) 8.91%#3535 Digital Infrastructure Participations France TINC Investor Presentation 2022-2023 NGE Fibre Belgium GlasDraad The Netherlands Datacenter United#36Digital Infrastructure NGE Fibre NGE Fibre is a bundle of operational fibre optic network concessions located in France's Grand Est region, near the Belgian border. They form part of France's 'Plan Très Haut Débit' investment programme, which aims to roll out super-fast internet access in the French regions. With a joint coverage that extends to approximately 1.4 million homes, these networks are operated as 'neutral and open networks', which means that the infrastructure is available to rent or lease by any network operator looking to scale up their network capacity. 36 TINC Investor Presentation 2022-2023 New Stake 7.26% DECENT WORK AND 8 ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES#3737 Digital Infrastructure GlasDraad GlasDraad was founded in 2017 on the initiative of TINC to provide residents and businesses in rural parts of the Netherlands access to a super-fast, reliable, and affordable fibre network. Glas Draad creates network connections based on actual demand from residents and companies who do not yet have broadband internet access. It then operates these networks based on an 'open access' model, which means that multiple service providers can provide customised content and packages to their customers over the Glas Draad network. Glas Draad receives recurring fees from internet service providers who deliver their content over the network to end users, as well as fees from end users. In April 2023, Glas Draad sealed a partnership deal with Dutch company Glaspoort, a joint venture of KPN and APG (the administration and investment arm of Dutch public pension fund ABP), which is also active in the roll-out of fibre networks in the Netherlands. The two partners' geographic complementarity enables them to considerably accelerate the roll-out of super-fast fibre internet in the Netherlands: Glas Draad operates mainly in rural areas, while Glaspoort operates in smaller municipalities, villages, and industrial estates. The partnership will see Glaspoort acquire a 50% stake in Glas Draad, with an option to acquire a 100% stake in the longer term at a price to be based on, among other things, the number of connections and the number of active users of the network. TINC and Glaspoort will jointly invest in Glas Draad's development capacity in order to achieve their roll-out ambitions in the Netherlands. Stake 50.01% DECENT WORK AND 8 ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES The pooled expertise of Glaspoort and Glas Draad and the use of the latest technologies will undoubtedly benefit the customer experience. The two companies' open access network will offer access to all telecommunications providers. TINC Investor Presentation 2022-2023.#3838 Digital Infrastructure Datacenter United Datacenter United owns and operates nine data centres in Belgium and provides scalable and reliable collocation services and related services (such as connectivity) to a wide range of customers. Datacenter United is the only operator in Belgium whose data centres are certified to Tier IV, the highest possible level of security. Customers rent space at Datacenter United first and foremost to run their company's critical applications and data in optimal conditions in secure server racks (collocation services). Customers also get uptime guarantees for the infrastructure. Datacenter United offers its customers a complete service package from its centres in Antwerp, Oostkamp, Ghent, Hasselt, Kortrijk, and Brussels, ranging from physical migration to the data centre to all related services (energy supply including back-up, connectivity via fibre optic networks, and remote hands and eyes). Customers pay a fee for these services based on contracts with varying lengths. Datacenter United is in the midst of an expansion drive that saw it acquire two data centres in Hasselt and build a new data centre in Kortrijk in 2023. TINC Investor Presentation 2022-2023. Stake 75% data centres 8 DECENT WORK AND ECONOMIC GROWTH INDUSTRY, INNOVATION AND INFRASTRUCTURE M 11 SUSTAINABLECITIES AND COMMUNITIES#39Digital Infrastructure Financial key figures for the segment Weighted average debt ratio 45.0% Weighted average remaining maturity of debt 16.0 Valuation sensitivity analysis Inflation (5,811) -/+ 0.5% (in years) 30 June 2022: 29.7% 30 June 2022: 5.4 Discount rate +/- 0.5% (3,129) Basic valuation assumptions Weighted average discount rate Inflation 3% 2024 financial year 39 TINC Investor Presentation 2022-2023. 2% after that 8.91% 90 95 98,415 100 Fair value in '000 € 3,316 105 6,413#40RE Selective Real Estate#4141 Selective Real Estate Key figures Share of the total investment portfolio (FV) Number of participations 19% TINC Selective Real Estate Other TINC Investor Presentation 2022-2023. 81% Fair value (FV) Weighted average discount rate 6 91 (in millions of €) 8.18%#42Selective Real Estate Participations Belgium De Haan Vakantiehuizen Yally Obelisc Réseau Abilis Garagepark 42 TINC Investor Presentation 2022-2023 The Netherlands Eemplein#43Selective Real Estate Yally In September 2022, TINC launched Yally, an initiative to buy existing residential properties in and around major Belgian cities, make them more energy efficient and let them out. Yally aims to maximise comfort and reduce total housing costs by integrating smart technologies into the homes, renovating the properties to reduce energy bills, and providing all-round service via the MijnYally.be online portal. TINC has committed to invest €40 million over the 2024-2026 period in function of the acquisition of residential properties by Yally. yally.be/ 43 TINC Investor Presentation 2022-2023. New Stake 66.67% AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH M 9 INDUSTRY INNOVATION 11 SUSTAINABLE CITIES ANDINFRASTRUCTURE AND COMMUNITIES HA#44Selective Real Estate Obelisc Right in the heart of Belgium's largest biotech cluster in Ghent stands Obelisc, a state-of-the-art business service centre dedicated to supporting biotech companies. This ultra-modern business centre has separate units available to let and offers extensive support and resources for ambitious companies, enabling them to maximise their growth and develop the groundbreaking medical advances of tomorrow. Obelisc offers 7,500m² of fully modular laboratory and office space and counts firms such as Johnson & Johnson among its customers. www.obelisc.be 44 TINC Investor Presentation 2022-2023 New Stake AUDE 50% 0 b DECENT WORK AND ECONOMIC GROWTH INDUSTRY INNOVATION AND INFRASTRUCTURE#45Selective Real Estate Participation De Haan Vakantiehuizen Eemplein car park templeis De Haan Vakantiehuizen owns 347 holiday homes at the Center Parcs holiday park in De Haan. Located in the Belgian coastal town of De Haan, 500 metres from the beach, the holiday park covers 333 hectares, has a large tropical water park and offers leisure activities such as shopping, dining, bowling and many outdoor sports. The holiday park is operated by Pierre & Vacances, the European leader in tourist accommodation, under the Center Parcs De Haan brand. De Haan Vakantiehuizen receives inflation-linked rental payments from Pierre & Vacances under a long-term lease agreement. Pierre & Vacances is responsible for the operation, maintenance and repairs of the holiday cottages. The Eemplein car park is located in the Dutch city of Amersfoort and has 625 underground parking spaces. The plaza above it has a combination of shops, offices, flats and recreation facilities. Above the car park there is a Pathé cinema, an Albert Heijn supermarket, a MediaMarkt store and multiple apartment complexes. The income is generated through the sale of short-term parking tickets, prepaid parking cards, and subscriptions for residents and businesses. The variety of activities above the car park, in an environment where development is in full swing, makes the car park an attractive participation. Stake 125% 45 TINC Investor Presentation 2022-2023 DECENT WORK AND Stake CONC GROMTH 100% DECENT WORK AND CUSTRY NATION NEMIC GROWTH#4646 Selective Real Estate Participation Réseau Abilis GaragePark GARAGE PARK BLARICUM Réseau Abilis comprises a growing network of specialised residences that provide life-long residential care to people with special needs at 26 sites in Wallonia and Brussels in Belgium, as well as in France and the Netherlands. The residences house about 1100 people with a wide range of intellectual disabilities, who live in care units ranging from single-person flats to larger living units, depending on their level of independence. The aim is to integrate the residents into the local community, to allow them to stay connected with family and relatives, and to ensure they receive high-quality care. The residences are operated by around 800 full-time Réseau Abilis employees. For the often life-long care of its residents, Réseau Abilis receives contributions from public authorities. Réseau Abilis then pays an inflation-linked rental fee to TINC for the use of the residences under a long-term agreement. TINC also holds a minority stake in Réseau Abilis itself, which allows TINC to monitor the quality of care. Headquartered in Blaricum (NL), Garage Park develops and operates innovative multifunctional storage and work spaces. GaragePark has built and developed more than 50 parks in the Netherlands, with approximately 5,000 individual garage units. These units are an ideal place for SMEs to safely store equipment and stock or to carry out occasional work. Garage Park sets itself apart by offering proximity, 24/7 access, secure and low-maintenance storage units, and by generating its own energy through solar panels. The GaragePark concept is a tailor-made solution for small businesses such as plasterers, painters, plumbers, as well as for online retailers, event organisers, city logistics, and in general for all SME owners. TINC has committed to invest €25 million over the period 2022-2025 as Garage Park develops new parks. www.abilis.be Stake 67.5% TINC Investor Presentation 2022-2023 garagepark.nl/ DECENT WORK AND DEGENE GRENITH 10 ALES REDUCED Stake + 62.5% DEDIMT MEKAND ECONOMIC GROWTH#47Selective Real Estate Financial key figures for the segment Weighted average debt ratio 47.3% Weighted average remaining maturity of debt 13.2 Valuation sensitivity analysis Inflation (2,714) -/+ 0.5% (in years) 30 June 2022: 45.1% 30 June 2022: 15.9 Discount rate +/- 0.5% ▸(3,613): Basic valuation assumptions Inflation 3% Weighted average discount rate 2% 8.18% 2024 financial year after that 47 TINC Investor Presentation 2022-2023. 91,093 2,819 3,338 87 88 89 90 91 92 93 94 95 Fair value in '000 €#48APPENDIX#49Key figures 2022-2023 (18 months) Key figures (in '000 €) 30 Jun 2019 30 Jun 2020 30 Jun 30 Jun 31 Dec 300,000 2021 2022 2023* 250,000 Market capitalisation 347,727 469,091 454,545 478,545 427,273 Equity (NAV). 331,321 445,697 457,863 463,624 494,596 200,000 Fair value (FV) portfolio. 267,106 340,317 396,890 415,437 468,357 150,000 Weighted average discount rate 7.94% 7.82% 7.59% 7.81% 8.10% 100,000 Cash and cash equivalents 61,728 103,269 60,257 48,436 27,365 Investments 17,496 86,077 47,871 23,951 117,444 50,000 Investments (cumulative over 5 years) 17,496 103,573 151,445 175,396 292,840 0 Investment commitments 20,000 107,000 10,320 62,300 171,497 Jun Jun Jun Jun Dec 2019 2020 2021 2022 2023* Portfolio result 24,807 22,503 36,479 30,444 61,507 Investments (cumulative) (in '000 €) Cash receipts from portfolio Net result Total distribution (proposed) Cost ratio 18,626 35,418 27,778 35,848 126,031 20,259 17,842 31,071 24,974 50,899 13,636 18,545 18,909 19,636 30,545 14.00 1.14% 0.87% 0.98% 1.05% 1.22% 13.50 13.00 30 Jun Per share 2019 30 Jun 2020 30 Jun 2021 30 Jun 2022 31 Dec 12.50 2023* 12.00 Number of shares (end of period) 27,272,728 36,363,637 36,363,637 36,363,637 36,363,637 NAV per share 12.15 12.26 12.59 12.75 13.60 11.50 Net result per share 0.74 0.55 0.85 0.69 1.40 11.00 Distribution per share (weighted) 0.50 0.51 0.52 0.54 0.84 T Jun Jun Jun Jun Dec Pay-out ratio 67.31% 92.76% 60.86% 78.63% 60.00% 2019 2020 2021 2022 2023* NAV per share (in €) Share price as at end of period 12.75 12.90 12.50 13.16 11.75 Gross return on distribution relative to share price 3.92% 3.95% 4.16% 4.10% 4.77%** Gross return on equity (NAV) 6.03% 5.01% 6.89% 5.39% 7.27%** over a financial year of 18 months ** annualised 49 TINC Investor Presentation 2022-2023.#50Organizational & remuneration structure Free Float 80% 20% TINC Gimv Belfius 2 Service provider 1 Statutory Director 100% TDP NV 99,5% Management Board ESG committee TINC Manager NV Supervisory Board 8 members Audit Committee Nomination & Renumeration Committee TINC is a limited liability company (NV/SA) under Belgian law, managed by its statutory director TINC Manager NV. TINC Manager NV is controlled by TDP NV, the infrastructure joint venture of Belfius Bank and Gimv. Remuneration statutory director TDP NV as service provider 1 a) Investment service agreement: a) A variable amount of 4% of the net profit of TINC before the remuneration of the statutory director, before taxes, and excluding variations in the fair value of financial assets and liabilities (to be increased with VAT, if applicable) b) An additional performance fee when TINC achieves a certain predetermined dividend yield based on a ratchet annual fixed amount of € 647.775 (indexed) a variable amount of 0.75 % on the outstanding investments b) Administrative services agreement: annual service fee of € 110.109 (indexed and increased with VAT if applicable) 50 TINC Investor Presentation 2022-2023 2#51TINC Karel Oomsstraat 37 2018 Antwerpen Contact Manu Vandenbulcke, CEO TINC T +32 3 290 21 73 – [email protected] Filip Audenaert, CFO TINC T +32 3 290 21 73 - [email protected] lin